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it feels in this middle. >> hard working, challenges. >> need a break. >> heavy taxes. >> reporter: too few families are saving enough for college and living paycheck to paycheck. the good news, your house price stopped tanking. hitting a bottom doesn't insure a vigorous recovery. if you're lucky, your house stopped losing you money, where are you making money? if you bought stocks 10 years ago, you're just breaking even. and savers, you know how much they're earning in interest? nothing. big companies closed and moved their companies for research and development overseas. >> chinese. >> . >> reporter: america doesn't have to make them. 70% of jobs created in the recovery are low wage jobs, 7 bucks an hour or less. >> the middle class has become poorer and less secure. john, what happened to the american middle class and how do we fix it? >> what happened in the past, everybody thought the solution was a higher degree of education and went from high school to diploma and college degree and eventually graduate degree. that doesn't work anymore because the nature of work is changing. the way
american middle class family making 75,000 dollars a year, going off the fiscal cliff will raise your taxes $2200 next year and $100 billion cut to medicare and employment benefits and things people use. will the middle classbe the biggest loser if we go off the fiscal cliff? >> america will be the biggest loser if we go off that cliff. i hope, as does everybody else, after this political season gets out of the way, the lame duck congress will come to some kind of agreement and conclusion to prevent that. all this lamenting and crying over the loss of the middle class in america. we have to put that in context. the definition of what middle class america means has changed over the last 20th century, farmers who moved into industrial jobs. we don't lament the guys that stood in front of blast furnaces we saw in our old high school videos making steel. technology and growth changed things. we live in a global economy. we can't change that. the best thing we can do to bring middle class america back is have economic growth. we won't have that until we have some kind of political leadership. i'
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